Tuscan Creek, the foreclosed apartment building in Ypsilanti Township, Michigan, is under new management. Capmark, the commercial lenders for the foreclosed property, have brought in McKinley Inc. to manage the 300-unit complex after it was foreclosed on July 2010.
The apartment building is just one of the many properties that have gone under foreclosure in various areas of the state. Wayne foreclosed homes, distressed properties in various cities of Michigan and a host of other foreclosed buildings in the area have all contributed to the housing market problem of the state.
Just like other Michigan foreclosed homes that have undergone management changes, Tuscan will also undergo various renovations, including the demolition of one of the complex's buildings that was damaged by a 2009 fire. The new management also plans to upgrade certain units and to evict tenants who fail to satisfy leasing standards.
The property ended up as one of the many foreclosed homes for sale in the state after Capmark foreclosed on a loan dating back to 2006 that is estimated to be worth over $17 million. The foreclosure does provide property owner Normandy Holdings up to six months to get the property back.
In the meantime, commercial lenders Capmark are relying on McKinley to manage the place until its future status is made definite. Representatives from McKinley spent the first day of the takeover looking at possible improvements for the units that can help increase the apartment's value in the future. The management team has also met with officials from the township and the Washtenaw County Sheriff's Department to address certain issues related to the apartment complex.
One of the issues addressed by McKinley representatives during the meeting with local authorities was the alleged lack of action during the fire that damaged 36 units of the building on the south area of the complex. In addition, McKinley is also examining leases and tenant compliance to rental rules. Eviction of some of these tenants had already started, according to McKinley.
The management team of McKinley and commercial lenders Capmark admitted that the occupancy of the apartment complex will likely decline to around 50% with the repairs and the changes being implemented. However, they also stated that they are optimistic that the complex will be able to re-establish its reputation in no time at all.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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